ETH Bullish Momentum Cont: why next TA Ranges from 2k to $2444?
Updated
Ethereum Technical Analysis points to a Bullish Momentum most likely to contining for a 2k price range TA?
Despite BTC having a stronger bull move last week, we shouldn't be deceived by the sluggish move of ETH buyers to break above 2k. Looking at the daily chart, ETH hasn't been able to break above the 1800 resistance level, with buyers struggling around the 1840 mark. However, there is a plan to clear the 2k resistance level and potentially go further above it.
While it's good to not overlook the current primary bear trend, it's important to note that what is currently being experienced is a secondary trend. This is seen on intraday timeframes like the 4hr chart, while the primary bear trend is seen on the weekly and monthly charts. Secondary trends are reactions to the major primary trend, which in the case of ETH, is still ongoing. This means that the bullish momentum on ETH is yet to max out.
The major resistance to watch for a good reaction is the price range of 1900 to 2040, which will force a tertiary reaction but is likely to be broken through after a mini pullback occurs. This persistence will drive bulls to max out the bull run all the way to 2200, and stop-loss hunting from market makers could force buyers' hands to the 2400 range depending on the capital inflow and momentum.
Therefore, the direction for ETH is to buy, with the target price range for the 1st TA being 1900-2k, the 2nd TA being 2160, and the 3rd TA being 2444
Despite BTC having a stronger bull move last week, we shouldn't be deceived by the sluggish move of ETH buyers to break above 2k. Looking at the daily chart, ETH hasn't been able to break above the 1800 resistance level, with buyers struggling around the 1840 mark. However, there is a plan to clear the 2k resistance level and potentially go further above it.
While it's good to not overlook the current primary bear trend, it's important to note that what is currently being experienced is a secondary trend. This is seen on intraday timeframes like the 4hr chart, while the primary bear trend is seen on the weekly and monthly charts. Secondary trends are reactions to the major primary trend, which in the case of ETH, is still ongoing. This means that the bullish momentum on ETH is yet to max out.
The major resistance to watch for a good reaction is the price range of 1900 to 2040, which will force a tertiary reaction but is likely to be broken through after a mini pullback occurs. This persistence will drive bulls to max out the bull run all the way to 2200, and stop-loss hunting from market makers could force buyers' hands to the 2400 range depending on the capital inflow and momentum.
Therefore, the direction for ETH is to buy, with the target price range for the 1st TA being 1900-2k, the 2nd TA being 2160, and the 3rd TA being 2444
Note
the main chart for this post, I discovered the thumbnail chart doesn't load when ypu expand the post so here is the headline chat
Note
Note
ETH is currently heading towards its second target, as buyers persist with each thrust, indicating the continuation of the recovery phase or secondary trend. The first target of 11900 has already been achieved, and the second target of 22008 resistance is a crucial point to watch out for. A pullback may start brewing from there. It is worth noting that the bulls have not yet reached their maximum potential, and the current pullback is unlikely to go further than $1700 before attaining $2000.
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